- Today’s Chart: Bitcoin Gains Momentum as Buyers Tighten Their Grip:


Bitcoin is currently trading at approximately $79,765, maintaining a bullish trend in the near term, with the price holding above the 50- and 100-day exponential moving averages, which are approximately $74,433 and $75,896, respectively. Meanwhile, it is still trading below the 200-day exponential moving average, which is around $81,894. This indicates that the overall uptrend is still in place, but it has started to face some challenges related to increased supply in the medium term.

The Relative Strength Index (RSI) at 65 on the daily chart suggests an upward bias without yet indicating overbought conditions, while the Moving Average Convergence Divergence (MACD) chart is hovering just above the zero line with a slightly positive reading. This points to waning momentum, though it remains positive.

Daily chart of the BTC/USDT pair

On the bullish side, the 200-day exponential moving average near $81,894 represents the next key resistance level, and a sustained breakout above it would open the door to a new upward wave. On the bearish side, initial support is seen at the 100-day exponential moving average around $75,896, followed by stronger dynamic support at the 50-day exponential moving average, near $74,433. A daily close below these levels would weaken the current bullish outlook and indicate a deeper correction phase.
$BTC
BTC1.62%
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